Electricity rates are going up.
IRAC approved a 2.3 per cent annual rate increase Monday for each of the next three years.
The utility estimates this will be an increase of about $2.60 a month.
The increase is effective for meter readings beginning on or after today.
Mark Lanigan, director of corporate services with IRAC, says any "over earnings'' by Maritime Electric must be reported annually to IRAC.
If considerable, over earnings must be set aside and applied to customer costs during the next round of negotiations.
The joint application of Maritime Electric and the P.E.I. government proposed to increase electricity rates incrementally over the next three years.
IRAC delivered a written ruling.
Maritime Electric vice-president John Gaudet told The Guardian last week that the rate hike was sought to offset a myriad of costs, from escalating energy supply contracts to inflationary costs.
Maritime Electric gave a final push for proposed rate hikes Thursday.
A team consisting of top management and even a couple lawyers sat before IRAC to offer a detailed explanation of the utility's application for a new General Rate Agreement.